Shoosmiths supports British ‘challenger’ bank

Aldermore, the new British ‘challenger’ bank, is being provided with legal support by Shoosmiths, as it continues to participate in the government-backed Funding for Lending scheme (FLS).

Launched by the Bank of England and HM Treasury last August, the scheme is designed to incentivise financial institutions to boost lending to UK households and businesses. The Bank of England and HM Treasury recently announced that the FLS scheme is to be extended until January 2015.

Data released by the Bank of England confirms that, during the first quarter of 2013, Aldermore’s net lending of £230m to the UK economy was in the top six of all the lenders in the scheme.